Private Capital

Adam Waterous is the founder of Waterous Energy Fund, the largest private equity fund in Canada’s oil and gas sector.  He gives us a masterclass on the past fifty years of oil and gas investing.  From humble roots and with no background in oil and gas, he pioneered the competitive sales process in Canada, identified the critical shift in the market and technology after 2012, used a value investing strategy influenced by Buffett to build his firm, and tells us about the importance of finding good rock and the power of consolidation. Adam Waterous began his career in management consulting with McKinsey & Company in Toronto, then transitioned to mergers and acquisitions at First Boston in New York. In 1991, he co-founded Waterous & Co., an investment banking firm specializing in the energy sector, which was later acquired by Scotiabank in 2005. At Scotiabank, he served as Global Head of Investment Banking, where he completed over 250 transactions valued at over $200 billion. In 2017, he founded the Waterous Energy Fund, a private equity firm focused on the Canadian energy sector, which under his leadership built Strathcona Resources Ltd. from scratch into one of Canada's largest oil companies through strategic acquisitions and organic growth.   Adam is a graduate of Western Ontario University and Harvard Business School. Please enjoy my interview with Adam Waterous.   Waterous Energy Fund website: https://waterous.com   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, leave us a rating or review.  I appreciate it.   S4E11 ©2025 Joe Reilly

Hello and welcome to the Private Capital podcast. I’m Joe Reilly, head of Circulus Group, a network for family offices based in Greenwich, Connecticut.  Our next family office summit is on November 20th in New York. It will feature Jose Minaya, Head of Investments at BNY, and former podcast guest Ken Kencel, president and CEO of Churchill Asset Management.   Please subscribe at https://circulus.substack.com/ to stay in the loop. Roger Ferguson, former Vice Chairman of the Federal Reserve, has had a compelling professional and intellectual career.  In our candid and wide-ranging interview, we learn valuable lessons from his father and Paul Volcker, his learning economics during the 1970s inflation, unrest in Chile, and coal strikes in the UK.  We learn what makes a good Fed governor. We also learn about Greenspan’s thought process, “Fed Speak,” and his essential moves on the morning of 9/11. Additionally, we gain insights into the last mile of inflation and the bursting of asset bubbles.  I don’t know if I have ever covered so much ground in a single interview, which I know you will enjoy. Roger W. Ferguson, Jr. is the Executive Chairman of Andalusian Credit Partners.  Mr. Ferguson served as the 17th Vice Chairman of the Board of Governors of the United States Federal Reserve System from 1999 to 2006 and as a member of the Board of Governors of the United States Federal Reserve System since 1997.   After leaving the United States Federal Reserve, Mr. Ferguson served as the President and CEO of TIAA ($1.4 trillion of AUM) from 2008 to 2021. Mr. Ferguson has been a member of the Board of Directors of Alphabet Inc. since 2016. Mr. Ferguson is currently the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. From 2006–2008, Mr. Ferguson worked at Swiss Re, a global reinsurance company, where he served as Chairman of the firm’s America Holding Corporation, Head of Financial Services, and a member of the Executive Committee. Mr. Ferguson has also worked as an Associate and Partner at McKinsey & Company. Mr. Ferguson holds a B.A. in Economics, a Doctoral degree in Economics, and a Juris Doctor degree, all from Harvard University. Please enjoy my conversation with Roger Ferguson. Andalusian website: https://www.andalusian.com  If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964  If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   S4E9 ©2025 Joe Reilly

Today we are traveling through one of the great family business stories, that of Goya Foods, the formation of their family office, and the creation of a free-standing private equity firm that focuses on family businesses called AUA Partners. Andy Unanue is the founder and Managing Partner of AUA Private Equity Partners, an operationally focused, lower middle-market investment firm with expertise in supporting and growing family-owned and demographic-driven businesses. Andy is a member of AUA Private Equity’s Investment Committee, and under his leadership, AUA has deployed over $600 million of capital to date. AUA’s business model is driven by Andy’s own family background.  He is a member of the Unanue family, which owns and runs Goya Foods, the largest producer of Spanish- and Latin-American foods in the United States. Andy’s grandfather, Prudencio, founded the company in 1936, and Andy’s father, Joe, was a legendary CEO of the company himself. Andy was a leader of Goya for many years, ultimately serving as its Chief Operating Officer before founding AUA. Andy currently serves on several corporate boards, including Raymundos Food Group and Westminster Pet. Additionally, he serves on several not-for-profit boards, including his family’s charitable foundation, The C&J Unanue Foundation. Andy is a member of the University of Miami’s Dean’s Advisory Committee, the New America Alliance, and is on the Columbia University Medical Center’s Board of Advisors. Andy received his M.B.A. from the Thunderbird School of Global Management and his B.B.A. from the University of Miami.   Please enjoy my conversation with Andy Unanue. AUA Website: https://auaequity.com/ Circulus Substack: https://circulus.substack.com/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.   FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   S4E9 ©2025 Joe Reilly

There’s a vast landscape of valuable but unconventional assets out there, but how do you find them, filter them, and properly value them? What frameworks can you use to understand them and how can you integrate them into a portfolio? Jeff Collins of Cloverlay, a seasoned investor in niche assets for decades, loves to explore these esoteric and overlooked opportunities. We delve into various topics, including litigation finance, data centers, the intellectual property behind Care Bears, refurbishing cargo planes, purchasing whiskey barrels, and modeling future revenues for Phantom of the Opera. Jeff shares his insights on how he selects these assets, mobilizes capital to catalyze their growth, and defines their exit strategies. Cloverlay is located in Pennsylvania and currently manages about $2 billion. As the Managing Partner, Jeff Collins oversees the firm's investment strategy and serves on its Investment Committee.  Jeff founded Cloverlay after a successful career at Morgan Stanley, where he was a Managing Director in the Alternative Investment Partners group. In that role, he was a key member of the Private Markets Investment Committee, responsible for leading complex investments in special situations and buyouts around the world. His background also includes private equity investing at Petra Capital Partners and investment banking at Robertson Stephens. He holds an M.B.A. from The Wharton School and a bachelor's degree in Politics from Princeton University. Please enjoy my conversation with Jeff Collins.   Circulus Substack:  https://circulus.substack.com/ Cloverlay website:  https://www.cloverlay.com   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.   FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   S4E8 ©2025 Joe Reilly

Joan Solotar is global head of Blackstone Private Wealth and a member of the firm’s management committee. Joan’s career tracks the fascinating evolution of Wall Street in the past thirty years.  Joan worked on three notable IPOs: DLJ in 1995, Goldman Sachs in 1999, and Blackstone in 2007, and we discuss the strategic reasons behind them.  She was tapped to lead the development of Blackstone’s private wealth group, which has since grown to $250 billion.  We talk about the state of the industry she covered in the 1990s, the challenge of building a two-sided marketplace in private wealth, Blackstone’s management committee, how they prioritize, and the wisdom of building businesses organically. Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. Ms. Solotar is a member of the Board of Trustees of East Harlem Tutorial Program and East Harlem Scholars Academies. She wrote a Harvard Business Review article entitled, “Truths for Our Daughters,” and co-authored,  “Truths from My Daughter.” Ms. Solotar received a BS in Management Information Systems from the State University of New York at Albany and an MBA in Finance from New York University. Please enjoy my conversation with Joan Solotar. Circulus Substack:  https://circulus.substack.com/ If you like these discussions, please subscribe or leave a review.  NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.   FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   S4E7 ©2025 Joe Reilly

Mark Strauch is a founding partner and president of the private equity firm Alpine Investors, known for its unique CEO training program. With a background in Industrial Engineering from Lehigh University and subsequent business studies focused on finance, his career spans operational roles at companies like Electronic Arts, entrepreneurial ventures such as the early cloud concept Desktop.com, and significant leadership challenges, including orchestrating a complex turnaround as CEO of Business Engine. Mark provides a detailed look into Alpine's operational methodology. He explains the origins and mechanics of the firm's fascinating CEO-in-Residence and CEO-in-Training programs, illustrating how this focus on securing leadership talent prior to acquisition shapes their investment strategy, sourcing advantage, and approach to scaling portfolio companies, exemplified through the creation of the company Ascend. He also discusses the firm's distinct culture, its strategic focus on talent and add-on acquisitions, and offers his views on market dynamics, including exit strategies and the role of AI. Please enjoy my conversation with Mark Strauch.   Alpine Investors:  https://alpineinvestors.com Circulus Substack:  https://circulus.substack.com/ If you like these discussions, please subscribe or leave a review.  NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   S4E6 ©2025 Joe Reilly

Today we are going to hear the story of one of the most interesting firms to spring from a significant family office.  JB and Tony Pritzker approached today’s guest, Paul Carbone, with the idea of expanding their direct investments into a free-standing firm called Pritzker Private Capital.  Paul takes us through that journey and we discuss the importance of a well-defined value system, the benefits of family capital, partnering with other families, the difference between flexible and patient capital, the problem with club deals, and why direct investing is not for everyone.   Paul Carbone is Co-Founder and Vice Chairman of Pritzker Private Capital. In 2012, Paul joined PPC’s predecessor company and later PPC as a managing partner and led the firm’s growth and development for more than ten years. Prior to PPC, Paul was the director and managing partner of Robert W. Baird & Co.’s Private Equity Group after serving as co‐director of investment banking responsible for Mergers and Acquisitions Advisory. Previously, Paul was senior vice president in the Investment Banking Group at Kidder, Peabody & Co.  Paul received his MBA from Harvard Business School and his B.A., Phi Beta Kappa, from The College of the University of Chicago.  Please enjoy my conversation with Paul Carbone. Pritzker Private Capital:  https://www.ppcpartners.com University of Chicago Booth School of Business Family Office Initiative:  https://www.chicagobooth.edu/research/family-office-initiative   Circulus Substack:  https://circulus.substack.com/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.   FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.     ©2025 Joe Reilly

Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO.   Pathstone is a great case study for the major trends in wealth management over the last ten years.  Pathstone’s DNA was from the well-known Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD.  Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story, and we'll explore how they navigated the complexities of multiple prominent acquisitions, how they developed their unique business model which has turned services into a revenue generator rather than a cost, and their recent notable acquisition of the $45 billion Hall Capital.   Earlier in Matt’s career, he held positions at Harris MyCFO Investment Advisory as a Principal and at Ayco, a Goldman Sachs Company, as a Financial Planner. He was a member of Harris Bank’s Outside Advisor Review Committee, which directed manager due diligence, search, and selection for the bank’s $60 billion platform, and was also a member of Harris Bank’s Investment Management Committee.  Matt earned a Bachelor of Arts in Economics from Muhlenberg College and an MBA in Finance from Fairleigh Dickinson University. Please enjoy my conversation with Matt Fleissig. Pathstone:  https://www.pathstone.com Circulus Substack:  https://circulus.substack.com/ If you like these discussions, please subscribe or leave a review.  NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it. ©2025 Joe Reilly

Michael Fisch is a founder and the CEO of American Securities, a $23 billion private equity firm that originated in the Rosenwald family office.  This is a great story of a fabled family office turning their investment DNA into a thriving private equity firm by buying market-leading businesses.  William Rosenwald, son of Julius Rosenwald who built Sears Roebuck, started the family office back in the 1940s, investing in private companies.  Michael’s mentor, Chuck Klein, took them to the next level in the 1980s and offered a role to 30-year-old Michael, who turned around and proposed building what became American Securities today.  We talk about their first acquisition, why they seek out market leaders, the growth of the firm, and overcoming bottlenecks, and their unique resource group that creates efficiencies and growth in their underlying companies. Before founding American Securities, he was a partner in two private equity funds, a consultant in the Paris office of Bain & Company, and a professional in the mergers and acquisitions department of Goldman Sachs. Michael received a BA in Economics and Policy Studies from Dartmouth College, where he is a Member of the President’s Leadership Council, and an MBA from Stanford University’s Graduate School of Business, where he has been a guest lecturer since 2006. Michael serves as a Director of the 1162 Foundation, a Member of the Atlantic Council’s Executive Committee of the Board of Directors, and Chairman of the Advisory Council of its Freedom and Prosperity Center, a Member of the Board of Trustees of Northwell Health, and Chair of the Board of Trustees of Princeton Theological Seminary. He has authored a number of articles and appeared as a guest on national television programs, all on private equity and investing. Please enjoy my conversation with Mike Fisch. American Securities:  https://www.american-securities.com/en/team/michael-fisch Circulus Substack:  https://circulus.substack.com/ If you like these discussions, please subscribe or leave a review.  NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2025 Joe Reilly

Today’s guest is Jim Tananbaum of Foresite Capital.  One of the most exciting places AI is revolutionizing is drug discovery, so I was very excited to have Jim on today. Jim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management.  During the last three decades, Jim has been a thought partner for some of the most impactful and fastest-growth companies of their generation, including: 10x Genomics, Amerigroup, and Jazz Pharmaceuticals.    Jim’s first success came while he was still at Harvard Business School when he co-founded GelTex Pharmaceuticals, which brought two drugs to market and was acquired in 1999 for $1.4 billion.  Jim was the founding chief executive of Theravance, Inc., a co-founder of Prospect Ventures, and a partner of Sierra Ventures.  Jim studied engineering at Yale and earned an MD from Harvard Medical School, an MBA from Harvard Business School, and graduated from the Harvard MIT HST program. We discuss what it takes to start a drug company, breakthroughs in obesity, AI, and the challenge of data in drug discovery, understanding the language of biology, advances in pain and cancer research, and his thoughts on brain implants. Please enjoy my conversation with Jim Tananbaum.   Foresite Capital:  https://www.foresitecapital.com Jim’s Homepage:  https://jimtananbaum.com   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2025 Joe Reilly

Jason Mudrick is the Founder and Chief Investment Officer of the $3.4 billion Mudrick Capital Management, a firm renowned for its expertise in navigating complex credit situations and distressed opportunities. With a career spanning multiple market cycles, Jason brings a wealth of experience and a unique perspective on the evolving landscape of distressed investing.  Forgoing a law career at Skadden, he did M&A at Merrill and then joined Contrarian Capital where he learned debt at the right-hand of Jon Bauer.  Taking the leap after the financial crisis, Jason started Mudrick Capital with $5 million and faced the challenges of raising capital in a tough market that nonetheless contained many opportunities.  Jason has lots of great stories, and we explore his current take on the debt landscape, his toughest year, creditor-on-creditor violence, and the wild ride of AMC. Please enjoy my conversation with Jason Mudrick.   Mudrick Capital Management:  https://www.mudrickcapital.com/team   Circulus Substack:  https://circulus.substack.com/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.   FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2025 Joe Reilly

Today’s guest is Mark Gerson of 3i Members. Mark is a remarkable entrepreneur, philanthropist, and master at creating networks.  He is most well known for founding Gerson Lehrman Group, the original and largest expert network in the world, and most recently, 3i Members, a global deal network for investors, all of whom have exited a company or led a family office.  Mark is also the chairman of United Hatzalah, a network of volunteer medics in Israel, and the cofounder of the African Mission Healthcare Foundation, which supports missionaries performing medical care in Africa.  Mark is a graduate of Williams College and has a JD from Yale Law School.  You should also know Mark is a big fan of Sinatra and Elvis.   We discuss the founding of GLG, his sports business Thuzio, the mechanics of 3i, and delve into the workings of United Hatzalah.  Mark was a real pleasure to talk to as he has such a broad range of interests.   Please enjoy my conversation with Mark Gerson.   Mark’s Podcast:  https://www.therabbishusband.com/ 3i Members:  https://www.3imembers.com/ United Hatzalah: https://israelrescue.org/ African Mission Healthcare Foundation: https://africanmissionhealthcare.org/about-us/history/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

David Salem has had a remarkable career. He did his undergrad at Middlebury, went to Harvard Business School where he sat next to Seth Klarman, then went to work with Jeremy Grantham at GMO where he became a partner.  He started The Investment Fund for Foundations, a groundbreaking way for smaller endowments to benefit from professional investing and scale, and had David Swensen of the Yale Investment Office, Jack Meyer of the Harvard Management Company, and Seth Alexander of MIT, as well as many other talented investors on his board.  He went on to advise George Soros on his personal money and worked for many years with Chuck Feeney who famously gave away his entire multi-billion-dollar fortune.  David’s writings are voluminous and available online.  He is currently working on a book about Peter Bernstein, the great author of Against the Gods: The Story of Risk. We talk about how to allocate $5 billion dollars, filtering out impulsive managers, the founding of TIFF, the ideal size of an investment committee, and the persistent edge of Seth Klarman. It was my great pleasure to talk to David Salem.   Hedgeye:  https://insights.hedgeye.com/hedgeye-capital-allocation/ David Salem Articles:  https://www.epsilontheory.com/david-salem-2/ NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly heads Circulus Group, a family office network, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Jennifer Prosek has built a powerhouse communications firm by focusing on asset management.  She asked herself, "Why does the financial industry not care about its brand, and why are they so on the back foot about everything?"  I was particularly keen to talk to her about how firms struggle to differentiate, especially as formerly low-profile parts of the industry, such as private equity funds, now look to expanding across the wealth channel and begin to look more like consumer brands.  We talk about how she built her firm from small beginnings; how family offices should think about their story;  being prepared for a crisis in advance; educating financial advisors; how to go from high-level awareness down the funnel to actual ROI; how to navigate Milken and Davos; and the future of AI in communications.   Jennifer Prosek is the founder and managing partner of Prosek Partners, a leading integrated marketing and communications firm with offices in nine cities around the world. The firm was named the best financial communications and marketing firm by PRovoke Media in 2023. Jennifer was also listed personally on The Wall Street Journal’s “Most Influential Decision Markers” list in 2023 and 2024.  She is the author of two books, “Army of Entrepreneurs” and “Raising Can-Do Kids.” Jennifer is on the board of the Mount Sinai Health System and the Museum of the City of New York and she received her MBA from Columbia University and a B.A. in English Literature from Miami University.    Jen is also known for her pithy sayings, and we managed to get a new one from her.  Please enjoy my conversation with Jennifer Prosek.   “Reaching for Retail” Prosek report:  https://www.prosek.com/news/prosek-report-reaching-for-retail-reveals-private-capital-firm-brands-remain-in-early-stage-of-development/   Army of Entrepreneurs:  https://www.amazon.com/Army-Entrepreneurs-Empowered-Workforce-Exceptional/dp/081443696X/   Raising Can-Do Kids:  https://www.amazon.com/Raising-Can-Do-Kids-Children-Fast-Changing-ebook/dp/B00O2BKKYE/   NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr Substack: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Zoe Cruz is a prominent figure in the financial services industry, known for her significant contributions and groundbreaking achievements as one of the highest-ranking women on Wall Street. She was named one of the Forbes top 50 women in business four years in a row.  With a career spanning over 25 years at Morgan Stanley, where she served as Co-President, Cruz played a pivotal role in managing major revenue-generating businesses, starting with her taking charge of the FX desk in 1993. Her expertise and leadership have established her as a key player in the finance sector.  Cruz transitioned to founding her own asset management firm, Menai Financial Group. This move not only highlights her resilience but also her belief in the potential for growth and opportunity that can come from financial innovation. Zoe Cruz moved to the US from Greece at age fourteen and is a graduate of Harvard and Harvard Business School.  As we engage in this discussion with Zoe Cruz, we will explore her insights on leadership, inflection points in market cycles, why Morgan Stanley hired James Gorman, the current dangers of hidden leverage, and the bridges from TradFi to DeFi. Menai Financial:  https://menai.io NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Michael Weisz has a real knack for finding unconventional opportunities and a strong entrepreneurial spirit.  He cut his teeth in real estate, but quickly found his nuanced understanding of mis-priced risk prepared him for creative investments like litigation and receivable finance and strategies like loans to professional athletes during lockouts.  We talk about the development of the Yieldstreet platform, how they think about the wide variety of offerings they have from fine art to CLO’s, the democratization of finance, and the international scaling of the firm.   Michael is the Founder and CEO of Yieldstreet, the leading private market investing platform, with more than 500k members and $5.7 billion invested. An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with an ambition of providing individual investors access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios. Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management. WEBSITE:  https://www.yieldstreet.com/ NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is the CEO of Circulus Group an educational forum for family offices, and the host of the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Today’s guest is Ted Seides from Capital Allocators podcast.  I first did a print interview with Ted exactly seven years ago, when he had just completed his first book So You Want to Start a Hedge Fund? and had just started his podcast.  Since then he has written two more books, Capital Allocators and today’s topic Private Equity Deals and now has one of the top investment podcasts in the world, with over 400 episodes.  Private Equity Deals is a set of engaging case studies derived from his podcast series, and is an excellent and detailed read, delving deeply into fifteen different deals.    Ted Seides is the host of Capital Allocators, which includes podcasts, gatherings and advisory.  He was formerly co-founder of Protege Partners, which was a leading multi-billion dollar hedge fund seeder, where he was President and co-CIO.  Ted is also well known for his famous bet with Warren Buffett, a charitable wager pitting hedge funds against the S&P 500.  Ted began his career under the tutelage of David Swensen at the Yale University Investments office.  Ted graduated with honors from Yale and received an MBA from Harvard Business School.   I’m grateful to Ted for getting me into podcasting.  He told me it was fun and easy and you get to talk to really interesting people, and he was absolutely right. Please enjoy my conversation with Ted Seides.   Private Equity Deals:  https://www.amazon.com/Private-Equity-Deals-dealmaking-professionals/dp/1804090735 Capital Allocators on Apple Podcasts:  https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016   NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: circulus.substack.com INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

Greg Fleming is the President and Chief Executive Officer of Rockefeller Capital Management, a role he has held since the firm, formerly known as Rockefeller & Co., launched in March 2018. Greg and I discuss the pivotal Lehman weekend in September of 2008 when he was instrumental in the sale of Merrill Lynch to Bank of America, his thoughts on organic growth and mergers in wealth management, the founding of Rockefeller Capital with Viking and building on the legacy of the Rockefeller family office, growing from $18 billion to $140 billion in six years, the importance of horizontal connectivity in a large organization and his belief that nice guys can finish first. Prior to Rockefeller, Greg was the President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management. Before joining Morgan Stanley in 2010, he served as President and Chief Operating Officer of Merrill Lynch, and previously ran Merrill’s Global Investment Banking business. Greg joined Merrill Lynch as an investment banker in 1992. He had also been a principal at Booz Allen Hamilton.  Greg is a Phi Beta Kappa, summa cum laude graduate of Colgate University with a bachelor’s degree in Economics. He received his J.D. from Yale Law School. Please enjoy my conversation with Greg Fleming. WEBSITE: https://www.rockco.com/bios/gregory-j-fleming/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ REQUEST AN INVITE TO OUR FALL SUMMIT:  https://forms.gle/YNesjsJb8rwuzkW5A INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Ken Kencel is the President & CEO of Churchill Asset Management, a $50 billion dollar platform serving over 700 institutional clients.  He shared valuable insights on the growing private credit market, the evolution of the industry, his first job at Drexel, working at Carlyle and then going out on his own to start Churchill from scratch.  We also discuss the nuances of the art of the covenent and finish with Ken’s desert island discs. Ken started his career in M&A at Drexel Bernham Lambert, founded the high yield finance business at Chase Securities, and was head of leveraged finance at RBC as well as Indosuez Capital.  He was president and CEO of Churchill Financial group, which was sold to Carlyle where he served as a Managing director before starting Churchill Asset Management.  Ken graduated magna cum laude from Georgetown and has a JD from Northwestern. Please enjoy my conversation with Ken Kencel. WEBSITE: https://www.churchillam.com   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ We are hosting our first family office event in New York on September 19th, 2024.  If you are are a single family office and would like to attend, you can request an invite below.  We are happy to have Steve Tananbaum of GoldenTree, Zoe Cruz of Menai Financial and Torsten Slok of Apollo joining us, and will be covering private equity, fintech and the global macro outlook.  I hope you can join us. REQUEST AN INVITE TO OUR FALL SUMMIT:  https://forms.gle/893q6qEXZEvVigSM7 INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Jason Schwarz is Deputy Chief Executive Officer and President at Wilshire, which currently manages over $100 billion in assets and advises on $1.3 trillion.  Jason was raised in a legal family, but his path diverged from the expected, fueled by a desire to carve his own niche. He told me, “I think you see this with sons and daughters of successful parents," he mused. "One path is to follow in the same direction, the other is to go in one's own direction. And I chose that." This decision led him westward, where he immersed himself in the ever-evolving realm of investments, including a side trip to Hanoi.  We talk about what makes an effective consultant, the burgeoning OCIO business, what he learned from legendary founder Dennis Tito, and the transformation Wilshire underwent following its acquisition by Motive and CC Partners, where Schwarz played a pivotal role in streamlining previously siloed divisions. Jason joined Wilshire in 2005 and has held a number of increasingly senior roles within the firm, including establishing Wilshire as a leading provider of investment solutions for financial intermediaries, advisors and their clients and ultimately overseeing all of the firm’s business segments. Jason holds a BA in Government from Hamilton College and an MBA from the Marshall School of Business. Please enjoy my conversation with Jason Schwarz. WEBSITE: https://www.wilshire.com/ If you like these discussions, please subscribe or leave a review.  NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly